Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Oct 7, 2023 11:02:31 PM

FBAR Turbo Tax Questioning Seems to be wrong

In the beginning i get question

 

Do you have foreign account with asset => $10000

 

But later it changed to $100,000 on last day or $150,000 at any time , if you answer it says you don't need to file FBAR 

 

is this right? is it $10000 or $100,000 limit?

0 1 305
1 Replies
Level 1
Oct 7, 2023 11:06:04 PM

i might have found answer to my question 

 

these are 2 reporting 8938 ( 100K asset or not ) vs FBAR (10k or high foreign asset )

 

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements